Reglstèrèd number.. 06792434 Charfty numb¢r: 1136839 LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 LUB80CK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8A8 LIFEUNES INTERNATIONAL FUND FOR EDUCATION LTD IA Company Llmlted by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitable company. its Trustees and Advisers Trustees, Report Independènt Audltors, Report on the Flnancial Ststements 7-10 Statemanl of Flnan¢l•l A¢tiVFti¢s 11 Balance Sheet 12 Notes to th• Flnancial Stst¢ments 13-22 LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustee$ Madh8vi Vadera Rupin Vadera Darpan Patel Pia Mandus Company registered number 06792434 Charity reglstsr•d number 1136839 R•glstor•d office 76 Park Street London W1K2JY Company secretary Ruxandra Sandu Chlef executlve offlcer Madhavi Vadera (to 1 JU￿ 20211 Rupin Vadera (from 1 July 20211 Independent audltors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 Sl Paul's Churchyard London EC4M 8AB Page 1 LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD IA Company Llmiled by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees (who are also directors of the company for the purposes of the Comp8nies Acll present their annual report together with the Tinancial statements of Lifelines International Fund for Education Ltd lor 'lhe Charitable company'l for the year ended 31 December 2021. The Trustees confimi that the Annual Report, which includes the Directors report, and financial 5talement5 of the Charrtable company comply wth the current $lalulory requirements, the requirernenls of the Charitable companys goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Irelantl IFRS 1021 leffects've 1 January 20191. Since the Chalilable company qualifies as small under section 383. the strategic report required of medium and large companies under The Gompanies Act 20C6 Islralegic Report and Directorfs Report) Regulations 2013 1$ not required. Refer8nce and administrative details Lifelines Intem81ional Fund for Education Ltd is registered with the Chèrty Commission of England and Wales, under registration number 1136839, and incofporated under the company number is 06792434. The registered office address is 76 Park St￿et, London. W1 K 2JY. The CEO of Lifelines International Fund for Education Ltd Was Madhavi Vadera until 1 July 2021 and Rupin Vadera from this date. Trusteos The Trustees who served the Charitable company during the year and since the period end were as follows.. Madham Vadera Rupin Vadera Darpan Patel Pia Mandus Structur•. govemance and management The Charitable Company is a private company limited by guarantee governed by rts Memorandum and Articles of Association. In event of winding up, while a member or within ￿e1ve months of ceasing t¢ be a member, the memberfs liability Is limited to £10. The company was incorporated on 15 January 2009 and subsequently registered as a charity on 13 July 2010. Lifelines InternatK)nal Fund for Education Ltd is managed by the Board of Trustees who meet at least three tsmes each year and if the need arose lo appoint a new trustee the remaining truslees would identrfy and 8ppoinl an appropriate person. New Trustees are briefed on their legal obligations under Charity and company law. the content of the Memorandum and Articles of Association, the committee and decision-making processes. the business plan and recent financial perfomiance of the Charitable company. The Board continuously reviews rt5 competencies and 15 conscious of the need to maintain a balance of skills. Periodically addth'onal members are Inwted to join the Board. effectNely becoming additional Trustees 8nd this involves a careful vetting process by the Board to ensure any new member is aware of hislher iesponsibilrties towards the charity. The Board is currently actively engaged in recruiting a further tsvo Trustees to the Board. Fund-Raising Information The Charitable Company does not cary out signrficant fundraising acb'wties. No public donations were received in the year and no public fund-raising undertaken. The Charrty has established philanthropic relationships wlh a charrtable foundation INelumbo Sl(ftungl which has committed lo an annual funding budget of at least £200,000 per annum, subject lo the presentation of robust. researched and vetted charitable projects identffied for funding by the Lrfelines Board. Th• funding includgs operational and administrative ￿$ts of the charty. Page 2 LIFELINES INTERNATIONAL FUND FOR EDUCAnoN LTD IA Company Lirnited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2021 Risks and risk manag•m•nt The risks lo which Lrfelines is exposed, under Lrfeline's aim5 and objectives, are regularly monitored by Tnjstees who are committed to regul8T evaluation of organisalional risk assessment and are satisfied that efficient and effedive systems are In place to miligale exposure lo major risks. The prtncipal nsks are.. Strateglc risk These risks impact the charty's abilty to meet its key objectives, fail to serve the key client il serves (donees & funded charrtie51, and meet the expectations of the Board and members of the charrty. These risks inrtially emerged during 2020 and continued into 2021 leading lo increasing demand for COVID related emergency support from charities leading lo proportional increase in the need to ensure that projects funded were adequately monitored. The 8oaid's approach to mitigating this risk was by working closely wrth the recipient charf(ies, increased use of online review and update discussion5 and by making donations periodically, following review. A few projects failed to meet agTeed reporting of outcomes within the agreed timeframe and funding was not renewed. Financial and Treasury Management Rlsk The key finan¢i81 risks would mean th* the charty would fail lo meet ts operational requirements and lo honour donation commitments made lo charities. The Board managed these risks pro4ctivety by ensuring sufficient cash reseffts lo meet all ¢ommr(ments, and by compiling grant proposals for future funding up to one year in advance of Teouirement. As a resum of the relationship with Nelumbo Strfiung INSI, the Lifelin&s ILLI Board only enters commitments for operational expenditure and donations rf the fund5 have already been allo¢ated or received from NS. Further the Board retains a minimum cash reserve to ensure (( can meet * least 6 months of operational costs and approved donations. Regulatory Jndgovemance risk These risks incorporate regulatory or legal sanctions, the potential for repulalional damage. and in case of significant failures the loss of charrtable status. The Board has managed these risks by ¢on¢entr81ing fts inilièl strategic efforts on establishing a Tobust governance regime, the appointment of skilled and experienced ITuslees. and ensuring professional legallaccounling support in relevant areas. Trustees and senior management will be required to attend mandatory training on Charity regulations, Anti-money Laundering and Fraud prevention. Operational Rlsks (People, 17) These risks relate lo people. systems and processes, and extematrinternal events that erode the charitys abilty lo meet its funding cc>mmitmenls andlor rts operational outcomes. Al p￿sent LL is managed entirely by a vc4untary team, and the Board is aware that this presents a potential risk. A Succession plan and a more detailed HR strategy (with employed slaffj is part of the second phase of the charity's overall strategy. IT systems management is contracted out, wi(h IT expertise also vested in the LL team. Further, all documentation. process•s and re$ear¢h data are stored on secure cloud-based servers. IT ¥ystems will be refreshed and updated as part of the strategic rewew once the Offi￿ HQ has been refurbished. The delayed refurbishment of the office HQ (due to COVID. building regulatory delays and supply shortages) has led to delay in the implementslion of the HR strategy . It is now expected to be completed by December 2022. Page 3 LIFELINES INTERNATIONAL FUND FOR EDUCATION LTD IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Change management These risks represent the failure of establishing and implementing change initiatives. 2021 continued to be a very challenging year, dominated by the uncertainty of the pandemic and the resullanl working model shifting from homeworking lo hybrid. This unprecedented change has impacted all organi5alions and the pressure on NGO'S that rely on a largely volunteer team (such as LLI has struggled wth meeting all the changing demands of the Organisalion. However, management has tsken a pragmatic and proactive approach in ensuring that communication is timely, appropriate. and collaborative. The Board manages key projects centrally with clear identified pro¢esses, which are established and drawn from Collaborative team discussions. Nevertheless key change initiatives such as the HR strategy, establishment of fomialised reporting tools and grant award committees have been delayed, impacting the number of projects the charity was able to proactive￿ support wrth funding. Objectives and activiti8S To advance education among people in India. in particular child￿n, young people and adurts from disadvantaged backgrounds by promding grants, rtems and services to charities or other organisations working to advance education and through the PTowsion of scholarships. To act as a resource for young people up to the age of 21 liwng in the UK by providing advice and assistance and organizing programmes of educational and other activities as a means of". Advancing in lrfe and helping young people by developing their skills, capacities and capabilities to enable them to participale in society as independent, mature and responsible Individuals. bl Advancing education LL continued ils 5UPPOrt for educational scholarships for chiltjren from impoverished and marginalised communities in India. The Lrfelines scholarship funds were further supplemented to allow for leaching using online platfomis and by supporting On&t0￿ne tuition lonlinel in lieLS of clasS￿M teaching. Lrfelines continued to maintsin online communication and links wi(h another UK charity to support online volunteers to the selected charities. Scholarship and hardship funding was provided to fvK) UK ba$od University students who had been impacted by the loss of eamings caused by the pandemic. Regular reviews were maintained with all the supported charities. lo ensure the viabilrty of fulure projects. Pandemic and Mental Health Impact During the period, the Lrfelines Board funded several projects to mitigate the severe debilitating impact of the continuing pandemic on the mental health of young people, members frorn marginalised communf(ies, and vidims of domestic abuse. LL is committed lo raising awareness of the emerging mental health issues, particularly amongst young people, the refugee communty. and women within the BAME and marginalised communf(ies. During 2021, LL has been working with other charities and undertook a range of projects". counselling support lo vidims of domestic abuse (Dawn ¢ounselling - £50kl, supporteil employment ini(181ives for homeless women (Crisis £20kl, continued to fund the Women's, Amies Choir £36k (refugee and victims of trafficking), and provided luloring support for children (Quest for Learning - £2.Skl. The Charitable company completed the first stage of an exhaustive strategic review into the funding, financial planning, govemanc8, and corporate Identity of Lrfelines in 2021. This led to the re5truduring of the Trust Board and the decision lo establish a corporate HQ for the charity. The strategic rewew is on￿oing, and the chanty is currently at Stage fv40 of a three stage process. Page 4 LIFELINES INTERNATIONAL FUND FOR EDUCAnoN LTD IA Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 In setting the objectives and planning the activities of the Charrtable Company, the Trustees have given careful consideration to the Charities Commission's general guidance on public benefit. Achlevements and perforniance The Trustees launched a strategic rewew of the Charrtable Company's funding and management structure to enable il lo achieve ils slated aims and objectwes in 2021. The first $lage of this has been achieved resutting in a reconstituted Trust Board, the establishment of a governance framework. a medium-lerm financi81 strategy, and the establishment of an approved funding stream for an initial period of five years. The second stage of the strategy includes a review of HR and operational processes and this ha5 largely been Completed wth implementation (including recrurtment of staff and new Trustees) expected to be completed by the December 2022. Financial review Al the end of the reporting penod, the Charitable company held unreslricled reserves of £5,281,637 12020 £4,956,947) and restricted reserves of £75,266 12020 £88,718). The increase in TeseTves was dnven by donation income of £310k being received in the year, £1 Ok of which was specifically for an awareness event. In addition, there was an uplift in the valu8 of the investment property of £167k which added to the surplus in the year. At the balance sheet date, the archrtectural plans were in the process of being finalised and final surveys were being carried out before the commen¢emenl tsf refurbishment works. The Charity has a reserves poli¢y of maintsining 3-6 months, totsl expendittjre in unrestricted reserves which is estimated a5 £60,000 based on the current level of a¢tivty. Thi$ will be used if the charity encounters finan¢i81 difficulties. The Charty continually aims to build up its reserves so that they are in line wrth the reserves policy. The level of av8i18ble reserves al 31 December 2021 exceeded this amount. The Trustees will review the raserves wlicy on 8n annual basis. Plans for futur• periods Lrfelines management will continue to build on the second phase of f(s strategic vision 12020-20251. This will incorporate increasing funding capa¢ity, a substantive increase in reserves, and a tsrgeted increase in the charitable donations made by the charity to educational, transfomiational projects. The Trustees would like to eonlinue lo increase their support for charities who wort( therapeutically with refugees, with victims of abuse and trafficking, as well as targeted social empowemient inf(iatives for young people. The charity will launch scholarship fund in 2022. to encoura9e young people from margin81ised communf(ies, wthin the UK, lo g8in qualification$ in counselling, art, and the rnedical profession. Page 5 UFEUNES INTERNATIONAL FUND FOR EDUCATION LTD IA Company LimSted by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees. Respon$Sbillty Statement The Trustees Iwho are also directors of Lrfelines International Fund for Education for the purposes of Company lawl are responsible for preparing the Trustees. Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Stsndards Ilhe United Kingdom Generally Accepted Accounting Pr8Cticel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financi81 statements unless they are satisfied that the gwe a true and fair view of the stsle of affairs of the charitsble cornpany and of the incoming resources and application of resource$. including the income and expendrture, of the char(table company for that period. In preparing these financial ststemenls. the Trustees are required lo". select surtable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent", state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate lo pre$umo that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are Sufficient lo show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial slalements comply wlh the Companie$ Act, Charities Act 2011 and the Charity IA¢¢ounls and Reports) Regulations 2008. They are a150 responsible for safeguarding the assets of the charty and hence for tsking reasonable steps for the prevention and detection of fraud and other irregulartts'es. Disclosure of inforniation to auditors Each of the persons who are Trustees al the time when this Trustees, report is approved has confimied that.. so far as that Trustee is aware, there is no relevant audit infomiation of which the Charity's auditors are unaware and., that Trustee has taken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant audit infomalion and to establish that the charity's auditors are aware of th* infomialion. In preparing this report, the Trustees have taken advantsge of the small companies exemptions provided by section 415A of the Companies Act 20C6. Approved by order of the members of the board of Trustees and signed on their behaw by.. Madhavl Vadera (Trusteel Date 12 50 xxg Poge 6 UFELINES INTERNATIONAL FUND FOR EDUCATION LTD IA Company Limited by Guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF UFELINES INTERNATIONAL FUND FOR EDUCATION LTD FOR THE YEAR ENDED 31 DECEMBER 2021 Opinlon We have audited the financial statements of Lifeline$ Intemalional Fund for Education Ltd Ilhe 'charf(able company'l for the year ended 31 December 2021 which comprise the Ststement of Financial Activrties, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practs'cel. In our cpinion the financial stslemenls". give a true and fair view of th¢ stste of the charitable comp8nls affairs as al 31 December 2021 and of its Incoming r&sources and application of resources, including its income and expenditure for the year then ended., have been propedy prepared in accordance wth Unf(ed Kingdom Generally Accepted Accounting Practice,. and have been prepare(l in a¢cordan¢e with the requirements of the Companies Act 2006. 8asis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audi( of the financial 5ts1emenls section of our report. We are independent of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the fin8ncial statements in the United Kingdom, including the Financial Reporting Council's Ethi￿1 Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In audi(ing the financial slatemenl$, we have concluded that the Trustees. use of the going concem basis of aecounling in the prepar*ion of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any mater*al uncertainties rel*ing lo events or conditions that, individualty or collectively, may cast $ignrfi¢ant doubt on the ¢harrtable company's ability to continue as a going concern for a period of * least twelve months from when the financial ststements are authorised for issue. Our responsibiir